USD 356.25 billion
Report ID: SQSG15G2002 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 126 | Figures: 77
Rigid Packaging Market size was valued at USD 356.25 billion in 2021 and is poised to grow from USD 369.21 billion in 2022 to USD 492.3 billion by 2030, growing at a CAGR of 3.6% in the forecast period (2023-2030).
Many industries, such as those in the food and beverage, electronics, personal care, and pharmaceutical sectors, use rigid packaging. One of the largest industries using rigid packaging is the food and beverage industry. Growing demand for convenience and ready-to-eat food products, an increase in food retail outlets, and new product releases are projected to significantly boost market growth during the ensuing years. Apart from the rising demand from the food and beverage packaging industry, rising improvements in packaging recycling rates and declining cost of rigid plastics are the major factors driving the growth of the rigid packaging market.
Additionally, during the forecast period of 2023–2030, rapid changes in lifestyle trends and demographic trends will further open up new chances for the rigid packaging market. Rising growth in the e-commerce industry has led to high demand for the product, which plays a crucial role in accelerating market expansion. Home delivery, special offers, and other advantages of online purchasing have considerably propelled the e-commerce industry. The shift in customer preferences toward online shopping has significantly boosted demand for hard packaging. Additionally, expanding logistics and transportation operations may accelerate market expansion.
US Rigid Packaging Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 356.25 billion
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The Global Rigid Packaging market segmentation by material, application, product, production process, and region. By material, the market is segmented into plastic, metal, paper, glass, and bioplastic. Based on application, the market is segmented into food and beverage, pharmaceuticals, and personal care.
Based on product, the market is segmented into bottle and jars, trays, boxes, containers, and cans. Based on production process, the market is segmented into extrusion, injection molding, blow molding, thermoforming, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Plastic is predicted to maintain its dominance throughout the forecasted period
Due to several advantages that plastics provide, such as their high strength, stability, and flexibility, the plastics sector is predicted to provide considerable returns between 2023 and 2030. Also, their creative visual appeal and improvements to the product's hygienic quotient and shelf life, makes plastics one of the most commonly utilised materials for rigid packaging. Additionally, it can be shaped into a variety of sizes and forms without losing any of its quality.
Tin, stainless steel, and aluminium are some of the metals used for rigid packaging. The most popular metal for rigid packaging is aluminium. Metal packaging products created in the form of containers and cans are among the most popular. Metals are frequently used because of their extraordinary strength and durability. It is most frequently employed as a secondary source of packaging, forming the outermost layer of packaging that is not in direct contact with the product.
Due to its ability to be totally recycled, glass is regarded as a sustainable material in the rigid packaging market. The rising demand for glass in the personal care sector is also predicted to play a key role in the coming years. Additionally, expanding glass bottle usage in the pharmaceutical and beverage sectors is probably going to promote market expansion.
The food and beverage sector dominated the rigid packaging market in 2022
The food & beverage sector dominated the market in 2022. The rising demand for packaged food as a result of changing lifestyle is driving the segment's growth. Demand for rigid packaging is increasing as a result of the thriving beverage industry, which is fuelled by goods like alcohol and energy drinks.
The pharmaceutical industry category is the end-user market with the fastest growing rate. Research advances, higher spending on medications, and technology advancements all contribute to the pharmaceutical industry's growth. Pharmaceutical packaging is done to protect medications from contamination and stop microbial development. Drugs have a longer shelf life when they are packaged properly. It is predicted that rising medical device and drug spending will increase demand for rigid packaging.
Packaging for personal care items includes items like cosmetics and toiletries. Since cleanliness and grooming have had increasing significance over the last few years, this business has experienced spectacular growth. Growing public awareness of health and wellbeing in developing nations is also projected to fuel the segment's expansion. The industrial and electronics sectors are other applications. Over the course of the projection period, increased use of electronic devices like smartphones, tablets, and laptops is projected to support the segment's growth.
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Asia-Pacific is dominating the rigid packaging market in terms of revenue share. This is attributable to the growing customer preference for internet shopping, rapid urbanisation, and the thriving manufacturing industry. Asia-Pacific dominates the industry due to the presence of several manufacturers of food, drinks, and personal care products. Rigid packaging market is primarily driven by the large populations and rapid economic growth of emerging nations like China and India. With products like yoghurt, sour milk products, and bottled water being supplied in rigid plastic packaging, the region's beverage and packaged food markets are expanding quickly. India has been gaining considerable traction in the rigid packaging market, particularly due to widespread beverage and food applications. The demand for rigid beverage packaging in India has increased as more people switch to bottled water as a more hygienic option to water purifiers.
North America, meanwhile, is predicted to grow significantly between 2023 and 2030 due to the existence of notable businesses, rigid packaging rules, and soaring e-commerce sales. Regulations regarding recycling and sustainability of materials in order to maintain environmental balance are triggering the demand for bioplastic packaging solutions.
Also, due to its extensive production infrastructure for packaging materials, North America is predicted to have tremendous development. There are more established companies for rigid packaging in North America and Europe, like Reynolds Group Holding, Sonoco, and Amcor Limited. The need for rigid packaging materials from the healthcare sector is likely to drive significant growth in Europe.
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Rigid Packaging Market Driver
Rigid packaging is versatile and highly protective to boost the market growth
Rigid Packaging Market Restraint
Limited Customization Options to Impede the Market Growth
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The rigid packaging market is fragmented in nature and is dominated by industry players. Companies in the market have used a variety of strategies, including expansion, mergers and acquisitions, partnerships, and joint ventures, to increase their global footprint and, as a result, their market shares.
Rigid Packaging Market Top Player’s Company Profiles
Rigid Packaging Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research. The report talks in detail about Rigid Packaging Market share, Rigid Packaging Market sales, Rigid Packaging Market trends, Rigid Packaging Market drivers, Rigid Packaging Market key players, and Rigid Packaging Market segmentation.
According to the rigid packaging market report analysis, the worldwide rigid packaging industry is being driven by the rising demand for reusable packaging products. Moreover, the global market for rigid packaging is expected to offer plenty of potential prospects due to the rising number of nuclear families and the rising demand for convenience foods and other goods. Additionally, the availability of smaller pack sizes along with the development of novel packaging materials is, in some ways, creating additional growth opportunities for the global rigid packaging industry. The market for rigid packaging is being driven by the expanding urban population, particularly in the Asia-Pacific region, and rising end-user industry demand.
|Market size value in 2021||USD 356.25 billion|
|Market size value in 2030||USD 369.21 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Rigid Packaging Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Rigid Packaging Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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